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this post was submitted on 04 Dec 2023
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The rich people already buying homes now would just buy the new homes. Even brand new homes in my area are selling for almost half a million when just before Covid they'd be like 280k or 320k. People not to stop pretending like housing a supply issue and not a corporations-and-rich-people-buying-everything-up issue. When new construction comes up with these ridiculous prices, the people who already own multiple properties just buy it up because they can already easily afford to. All you need is to be able to get a few properties and after that the money makes itself which is why all of the sudden everyone's interested in real estate the last few years. Builders don't care about it because there are still companies and people able to pay these obnoxious prices. Don't even get me started on how everyone thinks they're a genius for realizing how profitable buying homes to use as Airbnbs is.